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Jerusalem Life

| Mizrahi-Union merger would create an Israeli bank that could take on the big boys

Janglo News    
Tuesday, 03 December 9:42 AM
Last week saw the approval of one of the most important mergers in Israeli banking: Mizrahi Tefahot Bank, the country’s third-largest lender and its most profitable one, is closer than ever to buying control of Union Bank, ranked sixth with a market share of around 2%.

The go-ahead for the merger given by Judge Oded Shaham of the Jerusalem Competition Tribunal effectively reverses a May 2018 decision by the Competition Authority, which had ruled that the merger would hurt competition, especially in retail banking. The authority had been under immense pressure from Finance Minister Moshe Kahlon and Economy and industry Minister Eli Cohen to block the merger.
         
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